POLITICS: Plans established by the House republicans involving the H J Resolution 109 were unsuccessful in passing with approval, by US President Joe Biden. In response to the proposed bill, President Biden stated that based on the House' invoking of the Congressional Review Act, the bill would inappropriately restrain the SEC in its ability to establish essential guidelines and address future matters at issue. By Michelle Crawford-Sapenter "My Administration will not support measures that jeopardize the well-being of consumers and investors." --US President Joe Biden A White House veto has resulted in the disposal of a bill that would evade a number of essential steps including those necessary for the SAB 121 which "...reflects considered technical SEC staff views regarding the accounting obligations of certain firms that safeguard crypto-assets." Biden commented that the House view of the SEC review of crypto assets is a significant reversal of the considered judgement while risking the effects that would result in chipping away at the U.S. Securities and Exchange Commission's authority in the area of accounting practices. Biden stated that there is an absolute requirement for certain specific "...guardrails..." to be put inn place to protect consumers and investors taking into consideration the opportunities that are made available in regard to crypto-assets innovation. The Biden administration continues to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets. Biden considered that the proposed HJ Res. 109 failed to address matters that would provide for the protection and certainty of consumer and investor assets. The President stated that as a result of the need for "...building on existing authorities, which will promote the responsible development of digital assets and payment innovation and help reinforce United States leadership in the global financial system,..." such that remain absent from the proposed bill, it was the President's decision to veto HJ Res. 109.
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